The Nigerian stock market closed November 2025 in the red, dropping 6.88% and snapping a seven-month winning streak that had stretched all the way from April.
Tracked by the All-Share Index, the market opened the month at 154,126.5 points but slid to 143,520.5 points, with more than 11 billion shares changing hands.
Market capitalization also took a hit, sliding from N97.8 trillion to N91.28 trillion, cementing November as the worst-performing month of 2025 so far and only the second time the market has turned red this year, after March.
Despite the broader bearish environment, several stocks demonstrated notable resilience.
Several equities across various sectors recorded impressive gains, contributing to the market’s quarter-to-date performance, which ended slightly positive at 0.57%.
These standout stocks posted gains ranging from 241.56% to 3.33%, rewarding investors who held them with solid profits.
Below are the top 10 stocks that recorded the highest performance in November 2025.
Jaiz Bank Plc rounds out the top 10 with a gain of 3.33% in November. The stock began the month at N4.50 per share, with up to 134 million units changing hands, before closing at N4.65.
The company demonstrated moderately bullish momentum on the Exchange, rising 0.22% in the first week and accelerating to a 2.66% gain in the second.
A dip in the third week threatened to stall momentum, but a strong 3.33% surge in the final week kept the company’s shares in the green.
Strong third-quarter results likely supported investor confidence.
- Jaiz Bank reported a pre-tax profit of N8.5 billion for the quarter, lifting its nine-month profit for 2025 to N23.2 billion, a 26.19% increase compared to the same period last year.
- This growth was driven by a robust top line, with gross income from financing and investment transactions rising 33% to N72.1 billion, while fees and commissions edged up to N4.1 billion from N4.03 billion the previous year.
Year-to-date, Jaiz Bank has delivered a solid 56.7% return to investors.
Aso Savings and Loans Plc takes the 9th spot with a 3.88% increase in November. The stock began the month at N1.03 and closed at N1.07, building on a strong October that returned 106% to investors.
After a strong finish in October, the stock stumbled in the first week of November, dropping 12.62% to slip below the N1.00 mark at N0.90 as investors likely looked for short-term entry points.
The following week saw a sharp recovery, with a 14.44% surge pushing the stock back above N1.00. A modest gain in the penultimate week lifted it to N1.07, a level it maintained through a quiet final week.
The stock’s rally dates back to late October 2025, when the NGX lifted the suspension on the company’s shares, which had been in place since July 5, 2017, due to unmet statutory filing obligations.
This move likely sparked renewed investor interest that carried momentum into November.
Year-to-date, the stock has surged 114%, with most of the gains coming from October, making it the company’s strongest month so far.
Legend Internet Plc secured the 8th spot with an increase of 6.46% in November. The company’s shares started the month at N5.26 on NGX, with over 19 million units changing hands, before closing at N5.60, ending a four-month losing streak that began in July 2025.
Price action was mixed throughout the month.
- After a flat first week, the stock surged 9.13% in the second week to reach N5.75, only to dip to N5.25 in the following week. A strong finish in the final week, with a gain of over 6%, lifted it back to N5.60.
Investor confidence was likely sustained by the company’s dividend announcement.
- Legend Internet declared a final dividend of 6 kobo per 50 kobo share for registered shareholders in late October 2025.
- With a payout ratio of 84%, this amounted to a total disbursement of N120 million.
Year-to-date, the stock is steadily closing in on its April 2024 listing price of N6.20, signaling a potential return to pre-decline levels.
Ellah Lakes Plc ranks 7th on the list, posting a gain of 6.95% in November. The stock opened the month at N12.95 per share, with over 274 million units changing hands, before closing at N13.85, inching back toward the August high of N14.10.
The weekly performance was mostly positive, with all weeks except the first ending in modest gains.
- A strong 8.71% surge in the final week, combined with moderate increases in weeks three and four, helped offset the 9.27% drop experienced in the opening week.
In mid-November 2025, the company launched a N235 billion equity raise by issuing 18.8 billion ordinary shares of N0.50 each at N12.50 per share. The equity raise, aimed at upgrading facilities, likely sustained investor interest.
Year-to-date, Ellah Lakes has delivered an impressive 332.91% return to investors.
eTranzact International Plc claimed the 6th spot with a surge of 13.78% in November. The stock began the month at N12.70 per share and closed at N14.45, recovering from October’s 20.63% decline, on a total trading volume of over 5 million shares for the month.
In the first week, company shares rose 4.33% to N13.25, recovering from a dip below N13 in the last week of October.
The second and third weeks saw little movement, but a strong rally of over 9% in the final week pushed the stock past the N14 mark.
For the nine months ended September 2025, eTranzact reported a pretax profit of N3.4 billion, up from N3 billion in the same period of 2024, thanks to effective cost management across production and finance.
Year to date, the stock has delivered a solid 115.38% return to investors.
UAC of Nigeria Plc ranks 5th on the list with an increase of 18.65%. At the start of the month, the stock was priced at N66.50, before finishing the month at N78.90, breaking a three-month losing streak that began in August.
November started on a weak note, with the stock coming close to slipping below the N60 level.
Momentum remained subdued through the second week, but a strong rally in the third week, as investors likely seized the N60 low, pushed prices past N70.
- By the final week, shares had rallied above N78.
Investors were likely encouraged when UAC of Nigeria announced in early November 2025 that it had set aside N19.2 billion to acquire CHI Limited, the maker of Chivita and Hollandia, from Coca-Cola.
The acquisition, now approved by the Federal Competition and Consumer Protection Commission (FCCPC), adds CHI’s leading juice and dairy products to UAC’s already diverse portfolio, potentially driving renewed interest in the stock.
Year-to-date, UACN has delivered an impressive 207.79% return to investors.
University Press Plc claimed the 4th spot with a 19.05% jump in November. Trading began at N5.04 per share, with over 15 million units exchanged, before the stock closed at N6.00, ending a three-month losing streak that started in August.
Performance was strong throughout most of the month, aside from flat price action in the second and final weeks.
The penultimate week saw the largest surge, with shares jumping over 17%.
In the second quarter ended September, the company posted revenue of N2.4 billion, up from N2.3 billion in the same period last year, largely driven by sales in Nigeria’s western region.
Year-to-date, University Press has delivered a 55.84% return to investors.
Eunisell Interlinked Plc ranks 3rd on the list, recording a rise of 37.29% in November. The stock started the month at N59, with over 12 million units changing hands, before finishing at N81, continuing a nine-month winning streak that began in March.
The first week of November saw a strong start, with shares jumping over 20% to N70.90. After gains in the middle of the month, the stock surged past N80 in the final week, closing the month on a high note.
In its unaudited statement for the year ended September 30, 2025, the company reported revenue of N445 million, marking a 23.4% year-on-year increase.
- The growth was largely fueled by the oil and gas services segment, which now contributes 83.7% of total revenue, a significant shift from the previous year when power products led the portfolio.
Year-to-date, Eunisell Interlinked has delivered a remarkable 306.85% return to investors.
Ikeja Hotel Plc takes the 2nd spot with a 60.90% surge in November. The stock started the month at N18.80, with over 21 million shares traded, before wrapping up at N30.25, crossing the N30 zone for the first time.
The bulk of the rally occurred in the final week of November 2025, when shares surged more than 45%, building on a 15% gain recorded in the penultimate week.
In its financial statement released in late October 2025, the company reported nine-month revenue of N18.5 billion, representing a 47% year-on-year increase.
This growth supported a nine-month pretax profit of N7.3 billion, up from N3.08 billion in the same period last year, likely driving strong investor interest in November.
Year-to-date, Ikeja Hotel has returned an impressive 176.44% to investors.
Topping the list, NCR (Nigeria) Plc delivered an impressive return of 241.56%. Kick-starting the month at N16.00 per share; the stock closed November at N54.65.
Every trading week in November ended in positive territory, with the third week standing out as the best-performing period, up over 60%.
In its latest nine-month earnings report, NCR turned around sharply from a pretax loss of N2.6 billion in the same period of 2024 to post a pretax profit of N237.9 million.
The turnaround was largely driven by disciplined cost management, particularly in administrative expenses, which fell from N2.9 billion in 2024—mainly due to exchange losses—to just N91.7 million.
The earnings report, published on October 27, 2025, likely fueled strong investor sentiment.
Year-to-date, NCR has surged an impressive 1,354% on the Nigerian stock market.
